Posts Tagged ‘Canada Revenue Agency’
Debts Owing to the Canada Revenue Agency
Many people believe that debts owing to CRA will never go away. That is not necessarily the case, particularly when an individual goes bankrupt or files a proposal under the provisions of the Bankruptcy and Insolvency Act (“BIA”). However, prior to file personal bankruptcy or a consumer proposal, CRA has some significant legislated powers to collect debts.; including garnishing paycheques, seizing bank accounts.
Read MoreWill Bankruptcy Take Care of Judgments?
Yes, judgments from creditors do get released when you file a personal bankruptcy or complete a consumer proposal. However, judgments registered against your assets by Canada Revenue Agency do not get released when you file a personal bankruptcy or complete a consumer proposal.
Read MorePersonal Bankruptcy and Income Taxes – What You Need to Know
When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.
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